Well with clicking noises your assumption is correct that the drive has most likely failed.
Perhaps it is time for the freezer trick.
Do not laugh I am serious.
Pull the hard drive and put it in a plastic bag in the freezer for around an hour.
Have a hard drive or cd's ready to receive your important data. USB hard drive is the best.
Plug it back in and get as much data off of it as you can. If you are lucky you may have 15 minutes.
Sometimes you can repeat this process 3 or 4 times and it does not work for all types of drive failures.
If not it is pay the high price of pro data recovery where they pull the platters and do it that way.